Good press everywhere. Yet the price stays the same...

[BittBurger]

It wasn't long ago that good news of any kind, made Bitcoin skyrocket. Now there are article after article touting Bitcoin as a revolutionary new game changer.  Legitimizing it.  7 million dollar houses for sale with it.  Lambos & Teslas.  Space flights.  Mentioned on Jeopardy.  25 million investments (Coinbase).  Paypal owner praising it. Wall street will pour hundreds of millions "in the next 3 to 6 months" (SecondMarket).  

All of this news in just the last week or two.  Yet the price just sits there... just under $1000.

Maybe we've reached the maximum price for typical human beings to warrant purchasing a commodity.   I have asked this over and over again:  What is going to warrant /  Who is going to dish out the money for / the price of Bitcoin going to $2,000 ... $5,000 ... $50,000 ? HOW is this going to happen?   WHAT is the process?  I can't think of one. mBTC is mentioned, but even if everything switched to mBTC would that facilitate the price hitting $5,000?  If so ... im asking how.  The math behind it.  The logic/philosophy.  It seems that something outside of buying and selling on the exchanges would have to push bitcoins value up.  What is that thing?  I honestly don't know.  Do you?  

I honestly wonder if Bitcoin will sit at $1,000... even as it saturates the world market.  Disagree?  Then tell me how it will it go higher?  By what method?

-Burger-

Disclaimer:  This is not another "We gotta switch to mBTC" thread.  Unless it truly is the answer to my question.  

[Michael Robinson]

Yes, this is actually making me incredibly nervous.  All this media attention, the world waking up to Bitcoin, companies like Coinbase bringing 100's of thousands of people into the market suddenly...and the price is stagnant.  

You might be on to something, from a psychological standpoint a lot of people simply don't want to buy .0001 of something.  For Bitcoin to become successful, everyday people have to use it.  And everyday people who would spend a couple hundred dollars on Bitcoin to shop with aren't going to want to buy .00XX Bitcoin, it's a struggle psychologically.  I am beginning to think that 21 million total coins *In over 100+ years nonetheless*, was simply thinking too small.  Fixed supply for a currency, interesting.  Such a small fixed supply...mistake?!

Another thing that concerns me is that all these "Big money investors" that could potentially be bringing in a lot of money in 2014 are NOT going to buy in if Bitcoin has been slowly decreasing in value, or stagnant, up until that point.  If we don't start seeing some increase soon, all that money could be going to elsewhere.  Hope I'm wrong though, because I want to see Bitcoin flourish!

[EvilPanda]

All of this news in just the last week or two.  Yet the price just sits there... just under $1000.

Soon...

[zimmah]

December is just a month where many people are short on money, January/februari will be different.

Also, we just had a large correction from a bubble, and usually the price goes a bit sideways after a bubble.

This is all normal and nothing to worry about, in fact, we are still ahead on the average trend line.

It is likely to increase in the future because 12 billion dollars worth of bitcoin is not nearly enough to support millions or billions of people using bitcoin as both a currency, as well as store of value.

We'd need close to a trillion, if not more, for bitcoin to be effective in both areas.

[redwraith]

It wasn't long ago that good news of any kind, made Bitcoin skyrocket. Now there are article after article touting Bitcoin as a revolutionary new game changer.  Legitimizing it.  7 million dollar houses for sale with it.  Lambos & Teslas.  Space flights.  Mentioned on Jeopardy.  25 million investments (Coinbase).  Paypal owner praising it. Wall street will pour hundreds of millions "in the next 3 to 6 months" (SecondMarket).  

All of this news in just the last week or two.  Yet the price just sits there... just under $1000.

Maybe we've reached the maximum price for typical human beings to warrant purchasing a commodity.   I have asked this over and over again:  What is going to warrant /  Who is going to dish out the money for / the price of Bitcoin going to $2,000 ... $5,000 ... $50,000 ? HOW is this going to happen?   WHAT is the process?  I can't think of one. mBTC is mentioned, but even if everything switched to mBTC would that facilitate the price hitting $5,000?  If so ... im asking how.  The math behind it.  The logic/philosophy.  It seems that something outside of buying and selling on the exchanges would have to push bitcoins value up.  What is that thing?  I honestly don't know.  Do you?  

I honestly wonder if Bitcoin will sit at $1,000... even as it saturates the world market.  Disagree?  Then tell me how it will it go higher?  By what method?

-Burger-

Disclaimer:  This is not another "We gotta switch to mBTC" thread.  Unless it truly is the answer to my question.  

You have to be aware that a lot of times, price movement is independent of news, no matter how positive or negative that news may seem.  We have just completed a run from $150 to $1200.  This is a huge move that needs to be "digested"... a term that anyone who has dabbled in the stock market may find familiar.  It's just loading up ammo for the next blast.

[beetcoin]

December is just a month where many people are short on money, January/februari will be different.

Also, we just had a large correction from a bubble, and usually the price goes a bit sideways after a bubble.

This is all normal and nothing to worry about, in fact, we are still ahead on the average trend line.

It is likely to increase in the future because 12 billion dollars worth of bitcoin is not nearly enough to support millions or billions of people using bitcoin as both a currency, as well as store of value.

We'd need close to a trillion, if not more, for bitcoin to be effective in both areas.

yeah this makes the most sense.. but that means bitcoin is more of a store of value/speculative asset than it is a currency. i believe that's true though. maybe we'll see an uptick when more people get money in their pockets, especially from january to april (tax time).

[Michael Robinson]

yeah this makes the most sense.. but that means bitcoin is more of a store of value/speculative asset than it is a currency

At this time, yep.  But with companies like Bitpay making inroads, I think it's only a matter of time until this reverses itself. 

[beetcoin]

i think we're a long long long way from bitcoin being a currency, if it will ever be. there's more incentive to invest in it instead of using it to buy things.

[vpitcher07]

It wasn't long ago that good news of any kind, made Bitcoin skyrocket. Now there are article after article touting Bitcoin as a revolutionary new game changer.  Legitimizing it.  7 million dollar houses for sale with it.  Lambos & Teslas.  Space flights.  Mentioned on Jeopardy.  25 million investments (Coinbase).  Paypal owner praising it. Wall street will pour hundreds of millions "in the next 3 to 6 months" (SecondMarket).  

All of this news in just the last week or two.  Yet the price just sits there... just under $1000.

Maybe we've reached the maximum price for typical human beings to warrant purchasing a commodity.   I have asked this over and over again:  What is going to warrant /  Who is going to dish out the money for / the price of Bitcoin going to $2,000 ... $5,000 ... $50,000 ? HOW is this going to happen?   WHAT is the process?  I can't think of one. mBTC is mentioned, but even if everything switched to mBTC would that facilitate the price hitting $5,000?  If so ... im asking how.  The math behind it.  The logic/philosophy.  It seems that something outside of buying and selling on the exchanges would have to push bitcoins value up.  What is that thing?  I honestly don't know.  Do you?  

I honestly wonder if Bitcoin will sit at $1,000... even as it saturates the world market.  Disagree?  Then tell me how it will it go higher?  By what method?

-Burger-

Disclaimer:  This is not another "We gotta switch to mBTC" thread.  Unless it truly is the answer to my question.  

You have to be aware that a lot of times, price movement is independent of news, no matter how positive or negative that news may seem.  We have just completed a run from $150 to $1200.  This is a huge move that needs to be "digested"... a term that anyone who has dabbled in the stock market may find familiar.  It's just loading up ammo for the next blast.

This. The price has been stagnant? I guess in the past week or so yeah, but in the last 3 months it's been anything but...

[StarfishPrime]

Bitcoin will likely be between $1000 and $2000 for a while, similar to how it stayed between $100 and $200 for a disproportionately long time.

In fact, if it continues to follow the somewhat unsettling and poorly understood phenomenon known as "Benford's Law" the price will begin with the digit "1" about about 30% of the time:

http://www.technologyreview.com/view/418850/benfords-law-and-a-theory-of-everything/

One a positive note: When it does finally break through $2000, we can expect a relatively quick rise to $10K...

[empoweoqwj]

the price has only recently gone from $100 to $1000. You can't expect it keep tripling every time we hear someone has bought a new car with bitcoins.

The very recent rise was due to the Chinese influx, it dragged the prices of the other exchanges up, but the Chinese government put a big lid on that, so the market has settled down again now.

Be patient. Price rises come very suddenly, and often without warning. Sit tight. Could be a big news event, or just time. But another price rise will happen within a month.

[W2014]

Bitcoin just went up 1000% in about 6 weeks.

Still not satisfied?

/ close thread

[Mondy]

People are buying as much, thus the price remains constant.

[stompix]

It's because  bitcoin rocketed to 1000 with some third party service from Baidu accepting bitcoins and not making more than 3 , if any sales. Most of the transactions were spam as you can see on blockchain.
Now it takes all the good news in the world to actually sustain an inflated price.

[Serge]

And once it goes up, you suddenly start wishing it stayed at previous levels a little longer

[notig]

the more people buy things with bitcoin like tesla cars the more the price should go down.... they are exiting the market and their coins are being converted to fiat so that means they are unloaded onto an exchange somewhere.

[newtothescene]

While more and more people have heard of it, the total number of people involved with more than just dust in a wallet is still fairly small.  What takes things to the next level is going to be integration with current technology and process to do one or more of the following.  1.  Make it "easier" to purchase things.  2.  Save the merchant money.  3.  Make it easier to send funds to people or businesses.   When some or all of those things happen, the demand will increase sharply and thus drive the price north.

The wheel was an amazing idea, but slapping four of them around an internal combustion engine was like the best thing since sliced bread.  Same thing with Bitcoin.

[stompix]

the more people buy things with bitcoin like tesla cars the more the price should go down.... they are exiting the market and their coins are being converted to fiat so that means they are unloaded onto an exchange somewhere.

Coins can't be converted to fiat unless somebody buys them right?

[StarfishPrime]

While more and more people have heard of it, the total number of people involved with more than just dust in a wallet is still fairly small.  What takes things to the next level is going to be integration with current technology and process to do one or more of the following.  1.  Make it "easier" to purchase things.  2.  Save the merchant money.  3.  Make it easier to send funds to people or businesses.   When some or all of those things happen, the demand will increase sharply and thus drive the price north.

The wheel was an amazing idea, but slapping four of them around an internal combustion engine was like the best thing since sliced bread.  Same thing with Bitcoin.

+1 Exactly.

[Voogru]

There are periods of time in bitcoin history where the price stagnated.

It's remaining at high levels.

Relax.